For the second time in its history, SciQuest has transitioned from a publicly traded company to a privately owned business.
Shares of the Morrisville software company are no longer trading on Nasdaq now that private equity firm Accel-KKR has completed its $509 million acquisition. The deal, which was announced at the end of May, was completed Thursday.
“As a private company, we will be better able to prioritize long-term benefits and strategic goals to generate more value for customers, employees, partners and suppliers,” CEO Stephen Wiehe said in a prepared statement.
SciQuest, which has 327 employees in Morrisville and 510 overall, generated $105.4 million in revenue last year. Its procurement technology enables customers – includings businesses, governments and universities – to buy goods and services online more efficiently.
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Founded in 1995, SciQuest went public in 1999 amidst the euphoria over dot-com companies. But, after the stock tanked, it went private when a California investment firm acquired it in 2004. SciQuest went public a second time in 2010.